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tv   Bloomberg Markets  Bloomberg  June 5, 2015 2:00pm-3:01pm EDT

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market day." mark: the strongest jobs report of the year. what it means for silicon valley. american crown heads for the triple crown. goy: 1 -- mark: once you business class, you can go black -- you can't go back. freudian slip. [laughter] mark: ok. it's friday. good afternoon. i'm mark crumpton. that was thelet: best line. let's take a look at equities right now. not much in the way of direction. punch. 500 basically the dow industrial losing 45 points, the nasdaq moving higher. the jobs report came in much
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better than anticipated. is theu want to look at dollar, stronger versus the yen. it's a line down because it's a weaker yen. i was thinking the dollar is higher, the dollar is firmer. 1.24% gain in the dollar yen rate today on the back of the stronger jobs report. we talked about treasuries earlier, the bond selloff is resuming. take a look at bond prices after opec determined to meet and do nothing. crude oil is up by .6%. mark: they decided to meet and do nothing. scarlet: the production targets are in changed. mark: let's take a look at the top stories. we begin now with the latest on the greek bailout crisis. the prime minister is calling on his nation's international creditors to withdraw their unrealistic plan, as he put it,
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and to provide additional funds. the prime minister addressed parliament members in athens today. he says the deal is closer than ever, but that his country doesn't want to give in to what he calls blackmail. the prime minister told the leaders of germany and france that greece couldn't trade more austerity for bailout funds. meanwhile, greece pushed off today's schedule payment to the international monetary fund. the new plan is to bundle a number of upcoming june imf payments and come up with the money at the end of the month. no country has done that to the imf in three decades. scarlet: the u.s. economy looks like it's on the comeback trail after starting 2015 in a bit of a funk. payroll rose the most in may. employers added far beyond the forecast. labor secretary thomas perez tells bloomberg that creative jobs -- creating jobs isn't enough. the economy has to the right kind of jobs. thomas perez: expert jobs pay
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better. roughly 50% to 18% more. we talk about this issue of wage stagnation, one way to address that is to make sure we create well-paying jobs. export related jobs are well-paying jobs. scarlet: more people began looking for work last month, which cause the unemployment rate to rise .1% to 5.5%. cory: mark: -- mark: new york fed president is likely to raise interest rates of the u.s. market continues gaming strength. continues tomarket improve and inflation expectations remain well anchored, i would expect in the absence of some dark cloud gathering over the growth outlook to support a decision to begin normalizing monetary policy later this year. mr. dudley has a permanent vote on the policy-setting federal open market committee. the fed meets again on june 17 and 18th. scarlet: deutsche bank is
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conducting an internal investigation by possible money-laundering. about $6 may involve billion of transactions over more than four years. the german bank is analyzing data from 2011 through 2015. the move follows a request by the bank of russia which asked deutsche bank to examine stock trading activities of some clients in the country. walmart's board has elected a new chairman. he's the grand son-in-law of sam walton. the 45-year-old is taking on the new role after joining the board of the world's largest retailer in 2008. >> and it comes to our board, because of our families commitment combined with strong, independent director voices, we have a great balance. this is so important right now, with a tremendous change that all of retail is going through. the stage forset his ascension a year ago, when it made him a vice-chairman.
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he has also been a venture capitalist and formerly worked at goldman sachs. those are some of the top stories we are following on this friday. scarlet: coming up on "bloomberg weather may berm here, but only one half of americans will take time off work to enjoy it. why the great american vacation is on the decline. and the high-end airline that is revolutionizing air travel between paris, london, new york. scarlet: tomorrow is the belmont stakes. we look at the big bets ahead of the race. we have added more coming up. mark: back to one of the big stories of the day, jobs. today's employment report showing companies are hiring in silicon valley, and it's a look and violate -- in silicon valley, they are hiring like crazy. 59%, andto last year's 46% in 2013, this could mean up to 16,000 new jobs. ceo of the silicon
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valley leadership group joins us now with more from mountain view, california. is what you see in silicon valley consistent with the broader picture being painted by the jobs report today? guest: it's not only consistent, it's america on steroids with the way that silicon valley across industry clusters keeps going up into the right. we are seeing it in high tech, biotech, clean and green tech across the driving industries of silicon valley. the innovation economy, we see just from the 217 ceos that responded to our annual ceo climate survey. 15,000 new jobs here in silicon valley in 2015. mark: it can't just be the size of the paycheck. what is attracting this intellectual capital to silicon valley?
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entrepreneurship. we have an opportunity to change the world, or at least our small corner of it for the better. whether those are jobs in high tech or biotech, in pharma were clean and green tech, it's a very mission driven culture that attracts the best and the brightest grown locally from around the country, and of course, from around the world as well. reserve ise federal fixated on wage growth. stagnant,h has been but we are finally beginning to see a pickup in the middle of the last year. in the chart you can see in the second quarter of 2014, the median income in silicon valley was $116,000, 89% higher than the typical american household of $61,000. this is all relative, the cost of living is so much higher in silicon valley. is there a wage growth problem in silicon valley? guest: scarlet, in the technology sector, and the driving industries of silicon
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valley, wages are high, and they are only getting higher because the labor market is so tight. it's really an opportunity for employees to pick where they want to work. the challenge we haven't silicon valley though is if you have a college degree and you are 25 years old or older, there's almost no unemployment rates. it's about 2%. if you only have a high school diploma or not even a high school diploma, you are looking at close to double digit unemployment. we as a valley and we as a nation need to do a much better job in making sure that our young people, especially the underserved ethnic communities have a better education and opportunities. scarlet: even within the white-collar world, there's a big divide between engineers and coders and investors. and other white collar jobs like doctors and lawyers. guest: doctors and lawyers, we do pretty well. but you are right. for those jobs that don't require a college degree, there is a big hit in those numbers.
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that is of course in a supply and demand economy. we would expect somewhat. we want to make sure that as many folks are prosperous in this hot economy as possible. mistake, the driving industries are so critically important -- a rising tide may not lift all boats, but it receding tide sinks them all. our driving industries are doing well also helping everyone to do better. mark: you spoke about underserved communities. do these communities feel welcome in silicon valley? we see the statistics and stories that there seems to be a disparity between caucasian males and females and other members of the population. how do you address that? guest: i feel this personally. our daughter is 100% latino that we adopted out of a small town in utah a few years ago. that is really made us dive deep into this issue. here are the numbers. 27% of our community in silicon
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valley is latino. 50% of our kindergartners today are latino. including my own kindergarten daughter. only 1% of our stem workforce actually tech trained workers in silicon valley are latino. we have to do a much better job of diversifying the stem pipeline from cradle through college and career. we are working on that the silicon valley leadership group program, programmatically. we need to see and policy at the regional, state, and federal level as well. turn to othert to issues you champion, like transportation and housing. both are needed in silicon valley as the job machine keeps growing. what can silicon valley learn from tel aviv and other innovation tech cubs? guest: when we ask about what the biggest challenges in the business climate, the top two issues are housing prices for workers and families and traffic.
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those of the flipside of the same coin here in silicon valley. the good news is, when we ask tech workers and other workers in society, it's also those top two issues. instead of whining about it, we're going to win. the leadership group next year plans to run the fifth transportation funding measure here in the silicon valley area in the last 30 years. we've already done that to generate $12 billion in local funding for traffic release. we will do that again in 2016. and continue to work on the homeless crisis and the housing prices. mark: is this something you have to embrace yourself? it's no secret that stalemate partisanship in washington make a lot of things -- they get pushed to the sideline. nothing can get done. guest: you hit it right on the head. we learned a long time ago you have to pull yourself up from your own bootstraps. you hear about bootstrapping with start up companies. we also bootstraps when it comes to tackling these very tough
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intransigent issues like traffic, housing, better education systems. we are willing to do that, but we would rather do it and more successfully do it when we have strong public sector partners. it's not always easy and d.c.. we are an optimistic culture here in silicon valley. we will keep trying. mark: carl is the ceo of the silicon valley leadership group. thank you for your time. on the: still ahead "bloomberg market day," if you think your vacation wasn't long enough, you may be onto something. disappointing data for people who want to get away. ♪
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mark: welcome back to the "bloomberg market day," i am mark crumpton. hymant: we had to julie with the m&a action. julie: i want to bring it back to that. m&a,peculated upon leinster with one of the speculated upon but isn't quite happening the way that people thought it was. in about vodafone and liberty global. there were some speculations that the companies were in talks for potential combinations. but they came out and said the talks are for an exchange of assets. we saw vodafone shares fall after that, liberty global of about 1.4%. also watching ja solar today, the chinese solar manufacturer and the company's ceo says he is buyg to pay premiums to
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outstanding shares and take the company private. he's talking about 969 for the adr. they are up by about 13%. take a look at the bloomberg terminal, you might get some insight into why he is making this move. looking at the orange line, which is ja solar. the red line is the largest solar manufacturer. in the top line is the solar index of solar companies compiled by bloomberg. ja is up about 11% this year. 54%,at the solar index of trina is up 37%. obviously, underperformance hear from ja solar as the ceo makes the proposal. here's another speculated upon sandisk. we see a lot of activity in tech and semiconductors more specifically. sandisk's been the center speculation in recent days. after someup today
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of the suitors could have been many of companies. we have an analyst saying and acquisition by seagate or western digital is a low probability events. there's debate about that one. and there's a deal that is getting done, cardinal health is buying the harvard for a group -- harvard to drug group. the cardinal shares are a little changed today, up .3%. thanks. we do have breaking news, the person who lost her gender bias wants to one $7 million from the firm to go away. she wanted to cover her core cost, now she is looking for $2.7 million. cory: this was the case mark: this was the case that made headlines. notry found the company did discriminate or retaliate in the case then begin the flashpoint
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of that time when they were talking about gender discrimination and income inequality. in silicon valley, this is according to people familiar with the matter. when we reached out to a spokesperson for kleiner perkins , and the lawyer declined to comment. she has reportedly look to repeal the verdict or it we don't know if that's going to go ahead. it depends on whether this two point $7 million is negotiated upon an agreed to. kleiner perkins said they offered her money before the trial case but that she did not respond. the story we will continue to follow here a bloomberg television and give you more information as soon as we get it. now we'll look at the top stories crossing the bloomberg terminal at this hour. goldman sachs is facing a multibillion-dollar penalty over its sales of mortgage bonds before the financial crisis. reportingnews is goldman is in talks with u.s. justice department to pay as much as $3 billion to settle an investigation.
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that deal could take place within weeks. the government is trying to hold more wall street firms accountable for the crisis. there is a takeover today in the dry dispersion industry. -- drug distribution industry. the price tag about $1.1 billion. harvard distributes generic and over-the-counter drugs. the deal gives cardinal specialized action -- packing options that hospitals want. recalling nearly 540,000 cars and pickup trucks in the u.s. and canada. the automaker says it needs to fix air bags can explode with too much force. mazda says the affected models include the 2003 to 2008 mazda six, the 2006 to 2007 mazda speed six, and the 2004 2008 rx eight. the vehicles are included -- equipped with inflator is made by two,.
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-- takata. scarlet: ionizer we are going to see more of those recalls coming up. take youne that will from new york to london and paris all in the comfort. we hear from the founder of all business-class airline. ♪
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mark: flying tapir us or london can be pricey, especially for those looking to enjoy the comfort of business-class. this would she get her light is looking to change that with an all business class flight. >> when you have been lucky
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enough to fly business class, you never want to go back to coach. the only barrier was the price. simple, towas very make it easy and simple. we're going to provide business-class with some kind of advantage, the traditional low-cost travel. they were the pioneer in that kind of thing. my feeling is that the airline industry was an old lady, and you need a better fresh look. that is what we're trying to do. matt: you have all business-class. operate full business-class flights. you're sitting in one of our airlines -- our airplanes right now. it has 74 life flat beds. economy, wee coach,
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only do business class. matt: as you were focused on this, you can offer to consumer at a better price? >> we are unique in the market. we are selling more business-class, two to three times cheaper than the other airlines. matt: you save on costs and pass the savings on to passengers who want life flat beds? -- we keep the costs as low as possible. maintenance to companies inarger the world. we rely on those guys. matt: you started out with paris, you got to almost full capacity with that route. you do london. you are building that up. do you want other routes or should use operate two?
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>> we would like to increase their presence. we are also looking at flights from new york to other destinations. and from europe, hopefully one day perhaps hitting the west coast of the u.s.. going into asia, which is a market we have been out of too long. mark: an interesting concept. i guess he needs that, he is a tall guy. i'm glad you mentioned asia. it's an 18 hour flight from new york to hong kong. business-class would be so much better than coach. i think i have flown business-class with children. the: are you suggesting screaming child behind you kicking the back of the seat -- scarlet: that would be my children. mark: this gentleman has tapped it is a bigger people want. if you can offered at a discount, why not? scarlet: the new will reach will
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be lining up for it. he's talking about silicon valley, some of the most in demand flights ever. the air paths for those flights are new because there's so much price pressure for those routes. mark: is american pharaoh going to win? scarlet: i'm rooting for him, why not. first triple crown in years, why not? mark: since the carter years. have a great weekend, i will see you. scarlet: coming up on the "bloomberg market day," american pharaoh will take the belmont. we take a look at the odds. ♪
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creditors to with draw their unrealistic plans to provide additional funds. said the deal is closer than ever but his country does not want to give into what he calls blackmail. greece could not trade more austerity for bailout funds. the paymentd off scheduled to the [indiscernible] secretary thomas perez in and in -- interview sounded on optimistic note. perez: this is very promising. the jobless rate -- jobless rate in step 25.5%. ellen pao has told the venture,
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she wants them, company to drop the cost. david rainey has been found not guilty. he was charged with lying to investigators about oil spill calculations he made following the 2010 deepwater horizon explosion. defense attorneys said he did the best he could with too little information in the days of the spill and he had no reason to live. those are your top stories. next half hour, the oil market heats up. opec pumps oil hoping to stave off competition. more of that in the commodities close. nearly a decade has passed since her tape -- hurricane katrina. we'll hear from the mayor of new orleans. it is that time of the year. walmart shareholders flock to fayetteville.
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star-studded walmart shareholders meeting. olivia sterns has more on that. place your bets. tomorrow is the belmont stakes. the main storyline is if amer can snap a streak. with now, professional handicappers. it so difficult to win the triple crown? in a five week the best three-year-olds have to .ace three races consecutively five weeks apart. a five-week span and different
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different -- distances. it is a difficult situation. you're talking about a mile and a quarter of the kentucky derby and a mile and a half the belmont stakes. very difficult to do. since tried they won the derby and the preakness but they could not win the belmont stakes. it has been more popular to sit out one of the races. is there not enough financial incentive to participate in all three races? .> there is if you win all three, you become a triple crown winner. american pharaoh could be the first horse to win the triple crown. if you does that he could go to the grand slam which is the breeders' cup classic. the breeders' cup classic is $5 --lion which is all more and more money. if he does that it will be
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considered a monster. scarlet: is there financial incentive to disrupt the triple crown? if they do not win the derby the like to come back to the ill not because if there is a horse that has two -- a chance to win there is a chance to stop them from doing so. scarlet: you said a biggest mistake is for rookie to bet, three dollars profit -- four every one dollar wagered. which commendation would you use? >> first of all, he won six rated races in a row and if he did not go to the wedding, do not go to the federal. why bit the horse now, -- bet the horse now doing something he has not done before. 13 horses tried to do it in the last 37 years and they could not do it. it is a bad it to make. -- bet to make.
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it would be great for racing. it is a great achievement for any horse to do that but it is that difficult. it is not a good bet. scarlet: what would you bet on? thet: i like a horse and race -- in the race, 12-1 odds. he wonounding to form, and he likes the track and he is working very well. he has a top notch trainer. that is the value play of the belmont stakes. scarlet: i like you -- how you say there is a value play. also a bubble and a crash, are their growth and value names when it comes to horse racing? could or statele anytime. you have been on the bandwagon of american pharaoh for the last
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six in a row. do you want to jump in now and like in the stock market? microsoft is at this level. do you want to jump in now, is there room to grow or do you think, at a mile and a half the bubble could burst. for some value. that is the goal. the goal is to find those that are fresh. let's stay with that investment motif. how have technology and ability -- availability of big data changed how you handicap yards odds? you look at the daily racing forms as a valuable resource but is it as valuable as it once was? because theynot have come up with new systems to pick winners more easily. i believe, i am old school. i'm an old guy so i go with the daily racing form. they have a plethora of information and i have done very well. do not break it if it is not broken. "seabiscuit," i
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read about the rise and fall and rise of red color. how critical of factories the jockey, his ambition and chemistry of the horse? is 90% of these race. the jockey is the pilot. his job is to keep it out of trouble and put him in a position to win. the jockey is 10%. you with theart, jockey on, keep my horse out of trouble and put him in the position to win. attend daily -- daily workouts or do you read about them? go to the workouts in the morning. it is a great thrill. you can see the body language of the horse, how the horse works, how fast he works and how he pulls up after the race. if he is feeling good. scarlet: the intangibles.
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guest: there are a lot of intangibles when you're handicapping. at the start of the race, the horse could stumble, he could get back stint. a lot of things can happen. you cannot do that just by reading the stats. there is a lot involved and you have to have a lot of luck. scarlet: we talked at the beginning that there are three races within a span of five weeks and this is when the rest of the world pays attention. people who are not fixated on everyone race. what is your emphasis on the other 47 weeks of the year when it is not the derby, the preakness, and the belmont? do our work just like we do now. ake races so we prepare the same way all the time. the chance we have to make more money in races like this because people like you and the public that do not know what they are doing -- the dumb money comes in and the value goes up with the ones we like, the odds go higher and mixes more money.
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we like days like today. will attract a lot of new fans. it is like in any sport, you want heroes. you had seabiscuit and secretariat and zenyatta. lebron jamess like in basketball and joe montana in football. scarlet: thank you so much. joining us before the belmont stakes tomorrow. good luck, gentlemen. after up, 10 years katrina, new orleans is back and better than ever. we will hear from the mayor of the big easy. ♪
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scarlet: welcome back to the "bloomberg market day." i'm scarlet fu. amounts to almost 10% of total sales. there has been a global fashion shift that has been chipping away at razor blade sales. more women are opting for other ways to remove unwanted hair. do we blame the hipsters? >> his whole thing was fear the
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beard. scarlet: hasn't this been a problem for procter & gamble? trying to find ways use theirple to products. you need a grooming kit for that. >> exactly. a groomingey had and i brought it home because i had to take my son's stitches out. it became my husbands after all because he was like, this is fantastic. movember. a scarlet: perpetuating the beard
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fantasy. moving on. alix is with me. opec was a big event this morning. they decided not to change the target.on oil prices moved on that and they suddenly moved in the last 20 minutes of trade. alix: the theory that maybe no one wants to be short going into the weekend. part of it.e see positioning around it. we had that data that came out. we saw a decline of nine horizontal rigs. the permian basin saw a decline. rigs, ofteng some
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really thick shell areas. scarlet: we show the international benchmark. alix: saudi arabia has all kinds of crude qualities. landlocked.ti is nigeria has crude. saudi arabia has everything but for the most part they are doing heavy sour crude which is what companies like -- countries like asia one. -- want. scarlet: alix steel will be back . let's get a look at the top stories. pao is mocking
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away from her lawsuit. she told the elite firm that she will not appeal her courtroom defeat if they pay her. she is said to want the firm to drop their demand for a one -- $1 million in court costs. an appeal may keep a life or three euro dissemination case. u.s. officials are familiar with the hackers who sold -- stole data. in a see it is the work of chinese cyber thieves who have stolen information. china is rejecting suggestions that it is responsible. time is running out to book this year's power lunch with warren buffett. the top it is almost $1.6 million. that is not cheap that it might prove to be a relative argan because three years ago he went for $3.4 million. be warned. he will not tell you what he is
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investing in the proceeds go to charity. it has been 10 years since hurricane katrina devastated the city of new orleans. new businesses are taking root and thriving. we spoke with the mayor. not have the exact number of visitors back but one thing we do is monetize culture. tourism and foot. we are famous for wonderful restaurants. we make money at it. andave 600 more restaurants we have before katrina. lots of jobs and lots of economic output and it is doing fairly well. when you think about the oil and gas history, obviously a long history in new orleans and louisiana. how does the current state of the market, falling oil prices, falling energy prices and new discoveries, how does that play through to your local economy? the oil price:
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has dropped. in terms of capitalizing the industry, not so great if it stays that way for the long term. anytime the price of oil gets below a certain price point it tends to have a negative impact on the creation of jobs. we arenet positive side finding new reservoirs of gas and oil. as we move into an energy independent company, louisiana has the opportunity to be a leader. will gotime that price back up and louisiana but -- will be fine. you have to think about what the uture looks like. jason: given what you have experienced with bp, are you getting the support you need from the federal government, from the state government to make you feel about the -- ok about the environmental impact?
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regaineddrieu: we have momentum but it continues to raise the issue of how do you balance environmental concerns with the need to drill? in louisiana we have figured out a way to drill safely create i think we all have to do a better job of making sure that we we destroyt it is when we are extracting oil and gas. environmentalists have a good point in the city you have to protect the environment. unless you're going to start -- stop driving cars we have to produce. jason: what is the next from katrina, what is the best thing you have to do to cement the recovery, the re-creation of new orleans? mayor landrieu: it requires leadership and one thing we have haveis shown how if you state and local governments partnering with the private sector, the faith-based community, the not for office,
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and trinity organizations, you can create a place that people want to come to. that is the model for the rest of the country and why we think of innovationder and change. we do not want to leave anybody behind. it is a great story of resurrection and redemption. ofrlet: that was the mayor new orleans, mitch landrieu. is thater picture here americans are taking fewer and shorter vacations than they used to. .com crash the numbers and they founded 1976, 80% of american workers took weeklong vacations. last year, 56%. a big drop off here and part of it is because people are worried in a wobbly economy that if you take time off, you're expendable. they want to put in that save time and are seen as crucial members of the team. new day for walmart and a new
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generation of the walton family is taking on the chairman's job. we will take you to the shareholders meeting in our can. -- arkansas. ♪
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scarlet: walmart is holding its annual meeting which means thousands of employees, shareholders, and even some celebrities are flocking to fayetteville, arkansas. the company named gregg penner as its next chairman. he joined the board in 2008. he discussed the challenges ahead. >> combined with strong director voices, we have a great balance. this is so important right now with the tremendous change that
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all retail is going through. scarlet: olivia sterns spoke with eddie lou and mark crumpton about what the ceo is most concerned about. olivia: he was not so much focused on his competitors. we talk about why is walmart losing market share, how will they compare -- compete with he feels the task is internal. are -- our real villains are bureaucracy, complacency, lack of speed, and a lack of passion. doug mcmillon has addressed some issues. they have tried to get department store managers back into the region. they are investing more broadly
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and their associates in raising wages and improving training and making a little bit nicer in stores. they are trying to improve what is happening internally. a lot of analysts think that walmart does have the macro tailwinds behind them. they have to fix what is going on inside. scarlet: then ousted this other change we mentioned at the top of gregg penner. tell us more about gregg penner. is 45 years old and a walton family insider. he has been on the board since 2008 area a lot of tech experience. he has been running a venture capital firm. that is one of the things that walmart highlighted at his -- as his background. whye are a few reasons
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are excited. they have 4500 stores across the country and if walmart can figure out how to leverage those retail stores into distribution centers, it could give amazon a run for the money or that is what some people think. scarlet: even with all the glitterati there, the stock is 15-month low, a the biggest drop in three weeks. the american jobs machine up and running. inside from muhammad ali area next. el-erian next. ♪
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scarlet: it is noon in san francisco, 3 p.m. in new york, 3:00 a.m. in hong kong. this is the "bloomberg market day."
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the case forlsters the federal reserve to raise interest rates this year. telling lawmakers in athens the latest creditor proposal is a bad negotiating trick. we discuss more. theirec maintaining production levels. we examine the global ripple effects. good afternoon. i am scarlet fu along here with alix steel. is at least inequities. pretty much relatively flat. that&p is fluctuating with 100 day moving average, below its 50 day moving ag


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